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AUD/JPY consolidating the upside below 84 post-China trade

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/JPY cross extended its winning streak into a fourth day today and reversed Thursday’s entire slide as the bulls were bolstered by improved risk appetite
    as well as strong China’s exports and imports data.

    AUD/JPY rises to fresh six-day highs

    The AUD/JPY pair now jumps +2.20% to 83.81, having posted fresh six-day highs at 84.02 on China data release. Most of the gains seen in the AUD/JPY cross is largely due to the extensive rally seen in the AUD/USD pair, underpinned by a stronger than expected Chinese trade balance report and a massive rally seen in Asian markets.

    Moreover, the ongoing weakness in the Japanese currency against its American counterpart also contributes to the upside in the cross. The persistent risk-on moods triggered by the renewed rally in the oil prices as well as upbeat China trade data diminished the bids for the safe-havens such as the Japanese yen.

    Meanwhile, the cross will continue to track the broader market sentiment ahead of the key US datasets and Australian employment report.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 84/84.02 (round number/ daily high) and above which it could extend gains to at 84.27/30 (100 & 20-DMA).To the downside immediate support might be located 83.62 (50-DMA) below that at 83.35/82.93 (1h 200-SMA/ daily pivot).
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